MeritValue

PARKS AMERICA, INC

PRKAdata completeness 100%15 fiscal years on file
The thesis, from the filings

PARKS AMERICA, INC earns about 5% on invested capital, and has bought back 99% of its shares over 5 years. The applicable estimate puts fair value near $9.98 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$11.7M1$10.7M2$9.44M3$9.91M4$10.5M4
Net income$2.8M5$727,4916−$483,7387−$1.09M8$1.46M8
Operating cash flow$3.31M9$1.54M10$927,47811$801,45612$2.11M12
Capital expenditure$988,90113$1.84M14$1.56M15$906,95516$1.28M16
Free cash flow (derived)$2.32M9−$298,67210−$630,36611−$105,49912$830,98112
Total debt$11.4M17$9.97M18$8.5M19$7M20$6.43M20
Cash & equivalents$6.65M21$5.47M22$4.1M23$2.49M24$3.88M24
Diluted shares75.1M75,18675,365756,770755,740

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$201.99
your share of equity
Profit it earned you last year
$19.29
Free cash flow it threw off
$11
Debt you’d be carrying
$85.03

10 shares is a claim on $201.99 of net worth that earned you $19.29 and generated $11 of cash last year, against $85.03 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY21 16%FY22 5%FY23 -1%FY24 -5%FY25 9%

It earned an average 5% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−99% shares · 5y

Share count is down 99% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 44% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$9.98
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$727,491
  • growthAssumed0.0%
Graham Number
$29.62
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-10-03 · accession 0001493152-22-035579 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-10-02 · accession 0001493152-23-044561 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-10-01 · accession 0001493152-24-049988 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-09-29 · accession 0001493152-25-027496 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-10-03 · accession 0001493152-22-035579 (NetIncomeLoss)
  6. 10-K · period ending 2022-10-02 · accession 0001493152-23-044561 (NetIncomeLoss)
  7. 10-K · period ending 2023-10-01 · accession 0001493152-24-049988 (NetIncomeLoss)
  8. 10-K · period ending 2024-09-29 · accession 0001493152-25-027496 (NetIncomeLoss)
  9. 10-K · period ending 2021-10-03 · accession 0001493152-22-035579 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-10-02 · accession 0001493152-23-044561 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-10-01 · accession 0001493152-24-049988 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-09-29 · accession 0001493152-25-027496 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-10-03 · accession 0001493152-22-035579 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-10-02 · accession 0001493152-23-044561 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-10-01 · accession 0001493152-24-049988 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-09-29 · accession 0001493152-25-027496 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-10-03 · accession 0001493152-22-035579 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-10-02 · accession 0001493152-23-044561 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-10-01 · accession 0001493152-24-049988 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-09-29 · accession 0001493152-25-027496 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-10-03 · accession 0001493152-22-035579 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-10-02 · accession 0001493152-23-044561 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-10-01 · accession 0001493152-24-049988 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-09-29 · accession 0001493152-25-027496 (CashAndCashEquivalentsAtCarryingValue)